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By filing an extension for S corp does it affect a 1031 transaction? Does it make it taxable?

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Level 1

Client is out of town and would like to file an extension for S corp, but worried if his 1031 transaction that was completed in 2018 will be taxable if it is not filed by 3/15.

Any help is appreciated

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Level 15

I don’t think filing an extension is going to change th taxability of a tansaction done during    the year.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

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Highlighted
Level 15

I don’t think filing an extension is going to change th taxability of a tansaction done during    the year.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

View solution in original post

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Level 15
Level 15
@Nile why would you think it might make a difference?  I'm more curious as to the thought process behind this idea.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Highlighted
Level 15
It’s the client that is worried :smile::smile:
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Highlighted
Level 1
It was mentioned to my client by the Company that handled the 1031 exchange.  If he doesn't file the return on time then he can lose the benefit.
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Level 15
Level 15
An extension moves the date for timely filing.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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